Refrigeration Monitoring Industry

Refrigeration Monitoring Market Set for Steady Growth, Projected to Reach USD 11.1 Billion by 2025, Reports MarketsandMarkets

The global refrigeration monitoring market is poised for significant growth, with a projected valuation of USD 11.1 billion by 2025, growing at a steady Compound Annual Growth Rate (CAGR) of 8.3% from 2020 to 2025. This substantial expansion is highlighted in the latest report by MarketsandMarkets, a leading market research firm recognized for its comprehensive analyses of refrigeration and monitoring technologies.

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Key Segments:

The refrigeration monitoring market is segmented into key categories, providing a detailed overview of the industry landscape:

Component: Segmentation based on components includes hardware (sensors, controllers, and data loggers) and software (monitoring and analytics platforms), reflecting the diverse technologies employed in refrigeration monitoring systems.

Application: The market is categorized by applications, including commercial refrigeration, industrial refrigeration, transportation refrigeration, and others, addressing the varied requirements of different sectors and industries.

End-User: Segmentation by end-users encompasses supermarkets/hypermarkets, food processing industries, pharmaceutical industries, cold storage warehouses, and others, showcasing the diverse applications of refrigeration monitoring solutions.

Growth Drivers:

The market's significant growth is driven by several key factors:

Stringent Regulatory Requirements: Increasing regulatory requirements for food safety and pharmaceutical storage drive the demand for advanced refrigeration monitoring systems to ensure compliance.

Growing Emphasis on Energy Efficiency: The rising emphasis on energy efficiency in refrigeration systems propels the adoption of monitoring solutions to optimize energy consumption and reduce operational costs.

Expansion of Cold Chain Logistics: The expansion of cold chain logistics, driven by the growth of e-commerce and the increasing demand for perishable goods, contributes to the adoption of refrigeration monitoring solutions to maintain product quality and integrity.

Opportunity: Phasing out of fluorinated refrigerants, which boosts retrofit market

The demand for refrigerators and air conditioners is continuously increasing across the globe. In high-temperature regions, the use of air conditioners is becoming a necessity. In emerging economies such as India, China, and Brazil, the demand for household appliances such as refrigerators and air conditioners is expected to increase in the coming years. This growing demand is expected to lead to increased emission of harmful greenhouse gases in the atmosphere. Thus, different countries across the globe have formulated regulations such as the Kyoto Protocol, Regulation (EC) No. 1005/2009: to regulate the use of ozone layer depletion substances, and Regulation (EU) No. 517/2014: to regulate the production and use of fluorinated gas (F-gas) containing substances.

The increasing disposable income and aging population in the region have resulted in an increase in the healthcare expenditure in the region, resulting in the growth of multinational pharmaceutical and biotechnology companies. This has eventually led to rising demand for temperature-sensitive healthcare products such as vaccines, insulin, and blood products.

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Emerson (US), Danfoss (Denmark), Monnit (US), TE Connectivity (Switzerland), Zebra Technologies (Zebra) (US), Texas Instruments (US), ORBCOMM (US), Controlant (Iceland), Samsara (US), and Smart Sense (Digi International) (US) are the key players in the refrigeration monitoring market. These players are undertaking strategies such as product launches, expansions, agreements, partnerships, collaborations, and acquisitions to increase their market share.

Emerson (US) was one of the leading companies in the refrigeration monitoring market in 2019 with a focus on the refrigeration monitoring sensors. The refrigeration monitoring solutions of the company are offered under its Climate Technology division in the Commercial & Residential Solution business unit. It manufactures and develops refrigerator components and monitoring solutions for the residential, commercial, and industrial sectors. Emerson delivers a wide range of refrigeration monitoring solutions such as standard, programmable & Wi-Fi thermostats, sensors, thermistors, and control systems. Emerson has adopted the strategy of collaboration to strengthen its position in the market.